For the week of October 24, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 61 (blue line and text in left hand chart below), five less than one year ago and its lowest level for this time of year since 2020. The oil-directed rig count rose one to 137 (red line and text in right hand chart), its highest level since mid-March, and 11 less than a year ago. Drilling activity remains contained due to caution exercised by producers over capital spending programs as crude oil prices have faced downward pressure, while Western Canadian natural gas cash prices have been staging a modest recovery but remain soft for this time of the year.
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- Analyst Insight
Canadian Drilling – Split Personality
Canadian drilling went in opposite directions with a small decline in gas rigs but a solid increase in oil rigs for the week of October 17.
- Analyst Insight
Canadian Drilling – Spooky Surprise for the Oil Rig Count
Western Canada's latest gas rig count fell slightly, while its oil rig count recorded a larger than seasonal drop - a most spooky surprise.
- Analyst Insight
Canadian Drilling – Post-Halloween Dullness for Rig Counts
Rig counts remained well contained in the early stages of the winter drilling season.
